iPhone users can now buy themselves a picture of a red gem to display on their handsets, purely to demonstrate they've got enough money to throw $999.99 at such a pointless gesture.

The application - subtly entitled "I am rich" - is available through Apple's Application Store, though we're not clear if anyone has bought a copy as yet. Americans are being asked for $999.99, but the UK store is charging a typically overpriced £599.99.

When run "I Am Rich" simply displays a red gem and accompanying glow, letting the world know that the owner has more money than sense - though some would argue that ownership of an iPhone already denotes that to some degree.

Such an application would be impossible on any other platform where every hacker could create an identical version, but on the iPhone only approved applications are allowed and it's unlikely that Apple would certify a knock-off version of this particular app - perhaps in a cheaper colour.

Miscreants who unlock their iPhones could, of course, install a hacked version of the application - though it's hard to imagine that this particular app will drive many users to unlock their handsets.

We would tell you how effective the application is at impressing our peers, but we're still waiting for the 250MB download of the latest iTunes version to complete, and for the El Reg expenses process to approve the purchase. ®